Dynamic Invoicing with the Bitcoin Lightning Network
TallyPay is a payment processing system that uses Internet of Things (IoT) and Bitcoin technology to invoice for payments in constantly changing environments. TallyPay monitors usage and generates Bitcoin Lightning invoices. Partnering with Strike, these invoices settle in dollars or bitcoin to the manufacturer or supplier of services.
How does TallyPay work?
TallyPay for TallyFlow
Streamline Invoicing with TallyPay's RFID and Barcode Payment Solution
Streamline your payment process with our TallyPay payment solution. TallyPay uses RFID or barcodes in conjunction with TallyFlow asset tracking to categorize payment amounts based on asset categories or production phases.
Invoices are automatically created when a stage is reached, eliminating the need for manual invoice generation and saving valuable time and effort for customers.
Example 1: Rental Company
TallyPay can be used to automatically generate invoices for rental companies. For example, if a customer rents a bicycle, the rental company can attach an RFID tag to the bike.
When the bicycle is returned and the RFID tag is read by an RFID reader, TallyPay's system can automatically generate an invoice for the rental fee.
The invoice can then be sent directly to the customer or payment terminal for payment, which eliminates the need for manual invoicing and reduces the potential for payment errors or delays.
Example 2: Proof of Delivery
TallyPay can also be used for proof of delivery. When a package or item is delivered, the delivery person can use a barcode scanner or smartphone app to scan the barcode on the shipping label. This confirms the time of delivery, and a photo can be taken to provide proof of delivery.
Once the barcode is scanned and the photo is taken, TallyPay's system can automatically generate an invoice for the delivery. The invoice is sent directly to the manufacturer, simplifying the payment process and reducing the risk of errors or delays. This is a roadmap feature.
TallyPay for Utilities
1. Monitor energy and water usage through internet-connected meters
Using Internet-connected electric or water meters, TallyPay can dynamically read the meters for energy or water usage on a periodic basis.
2. Dollar invoicing based on usage rate
A rate is applied to the reading and TallyPay creates an invoice. The dollar-denominated invoice is available for the user to pay their supplier.
3. Bitcoin Lightning invoicing by TallyPay
When the user is ready to pay, TallyPay generates a Bitcoin Lighting invoice.
4. Payment settlement via Strike's account
The user then pays the amount from a Bitcoin Lightning wallet or bitcoin balance (e.g. at River Financial). The payment settles in dollars or bitcoin into the supplier account that has been set up with Strike.
Why use Bitcoin and Lightning?
Improved cash flow
Micro or small payments are possible
Reduced risk with more frequent payments
Reduced conversion fees to dollars
Reduced friction in making payments
REST API option for full integration
How can I try TallyPay?
TallyPay is still in development. We are accepting a few initial customers. While our focus is currently on utilities and manufacturing, companies interested in partnering with us on B2B Lightning payments can contact us.